Based

bullish

Million

<p>The <a href="https://coinpedia.org/news/crypto-news-today-oct-21st-2024-btc-back-at-68k-memecoins-and-altcoins-show-double-digit-gains/" target="_blank" rel="noreferrer noopener">cryptocurrency market</a> has experienced a notable upside rally in the past few days. Amid this rally, Ripple's native token XRP remained consolidating.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-crypto-whale-adds-50-million-xrp-tokens-nbsp"><strong>Crypto Whale Adds 50 Million XRP Tokens&nbsp;</strong></h2>   
<p>On October 21, 2024, the blockchain-based transactions tracker Whale Alert made a post on X (Previously Twitter) that a crypto whale withdrew a significant 52 million of XRP tokens worth $28.67 million, from the ByBit cryptocurrency exchange.</p>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/whale_alert/status/1848250653480493518 
 </div>
</figure>   
<p>This massive token withdrawal following the breakout has shifted the sentiment from a downtrend to an uptrend.&nbsp;</p>   
<h2 class="wp-block-heading" id="h-xrp-technical-analysis-and-key-levels-nbsp"><strong>XRP Technical Analysis and Key Levels&nbsp;</strong></h2>   
<p>According to the expert technical analysis, <a href="https://coinpedia.org/news/xrp-price-suppression-why-20-hopes-might-just-be-a-pipe-dream/" target="_blank" rel="noreferrer noopener">XRP appears bullish</a> as it has recently broken out from a prolonged consolidation phase. Despite this major breakout, it isn't confirmed whether this rally will continue or not.</p>   
<p>Based on the recent price action and historical price momentum, if XRP closes its daily candle above the $0.578 level, there is a strong possibility the token could rally by 20% to reach the $0.67 level in the coming days.</p>   
<p>However, XRP's bullish thesis will only hold if it closes its daily candle above the $0.578 level, otherwise, it may fail.</p>   [post_titles_links postid="370221"]   
<h2 class="wp-block-heading" id="h-bullish-on-chain-metrics-nbsp"><strong>Bullish On-Chain Metrics&nbsp;</strong></h2>   
<p>XRP's bullish outlook is further supported by on-chain metrics. According to the on-chain analytics firm CoinGlass, XRP's long/short ratio currently stands at 0.99, indicating a weak strength among traders. Whereas, its open interest has jumped by 3.9% and has been steadily rising. This rising open interest suggests buildups of new positions by traders.</p>   
<p>As of now, the major liquidation levels are at $0.537 on the lower side and $0.561 on the upper side, with traders over-leveraged at these levels, according to the Coinglass.</p>   
<figure class="wp-block-image size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/21201005/image-104-177-1024x422.png" alt="" class="wp-image-370155">
 <figcaption class="wp-element-caption">
  Source: Coinglass
 </figcaption>
</figure>   
<p>As of now, XRP is trading near $0.544 and has experienced a price surge of over 2.5% in the past 24 hours. During the same period, its trading volume jumped by 117%, indicating heightened participation from investors and traders compared to the previous day, which is a <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">positive sign for the XRP holders</a>.</p>

XRP Whale Adds 52 Million Tokens Amid Breakout, Buy Signal or What?

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